There is wisdom in admitting one’s ignorance

“All political theories assume, of course, that most individuals are very ignorant. Those who plead for liberty differ from the rest in that they include themselves among the ignorant, as well as the wisest.”

— Friedrich Hayek

Hayek knew something all to many people either don’t know or refuse to acknowledge. A free market is wiser than any individual. The market reacts to knowledge that it gains from experience which no individual can discern on their own.  Individuals, even (especially) committee’s of individuals, literally can’t see the forest through the trees and the forest is where necessary knowledge resides.  Compared to the free market we are all low-information players. Our wisdom is measured by how well we know ourselves. Allowing the free market to do its work is the path to liberty and prosperity for all.  A free market sends signals about prices, supply and demand that individuals can take notice of to their benefit. Allowing a cadre of elite individuals to manage and regulate the market always and everywhere corrupts the signals it sends and is thus destructive in ways that lead to less of everything for everyone except those who hold the power over others to take for themselves what the market would distribute more equitably.  Right now in Venezuela the people lack food and toilet paper while Maduro and his minions live lavishly.  In Cuba the people have only what Castro and his state police allow them to have while Castro and the communist inner circle have all the rest of what is produced.

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